Kinner Lakhani

Raiffeisen Bank International AG and Societe Generale SA, the European banks with most at stake in Russia, led European lenders lower as the ruble continued its slide today, defying a surprise rate increase.

Credit Suisse Group AG’s credit rating was cut three levels and Morgan Stanley’s was reduced by two as Moody’s Investors Service downgraded 15 banks in moves that may shake up competition among Wall Street’s biggest firms.